Delay in L&L’s Park Avenue office development could boost project

New York /
May.May 15, 2012 10:00 AM

L&L Holdings will have to wait until 2015 before it can begin developing Park Avenue‘s first new office tower in more than 30 years. According to the New York Post, that could be a blessing. The Bloomberg administration has begun pushing a rezoning of office buildings in the Grand Central area that would lift restrictions on new buildings.

The current codes allow a floor to area ratio of just 15 for newly constructed office towers, unless at least 25 percent of an existing structure is salvaged. In that case, towers built before 1961 that exceed the limit can be rebuilt to their previous square-footage.

As a result, L&L had been planning to keep one-quarter of the existing, 32-story structure, that opened in 1957 at 425 Park Avenue, when it sent out a request for proposals to a list of big-name architects. However, the firm can’t begin work on a new structure until 2015, when leases expire. By then, it’s possible that the zoning changes, first suggested by CBRE’s Mary Ann Tighe, will be passed.

“If they make the modification to City Planning, we would do full demolition and take advantage of it,” L&L Chairman David Levinson said. It would allow the firm to completely reconceptualize the $750 million project. [Post, 3rd item]


Related Articles

arrow_forward_ios
(Illustration by The Real Deal)
How builders are changing America’s suburbs to fit the times
How builders are changing America’s suburbs to fit the times
(iStock)
State should stop exclusionary zoning in New York suburbs: report
State should stop exclusionary zoning in New York suburbs: report
Justices Ellen Gesmer and Anil Singh with a Two Bridges Rendering (NY Courts)
Judges question need for public review of controversial Two Bridges projects
Judges question need for public review of controversial Two Bridges projects
State Legislators Linda B. Rosenthal and Brad Hoylman with 200 Amsterdam Avenue (Credit: Getty Images)
Pols slam city for backing developers of 200 Amsterdam
Pols slam city for backing developers of 200 Amsterdam
A rendering of 220 Amsterdam Avenue (Credit: 200 Amsterdam and iStock)
City backs developers in fight over 200 Amsterdam Avenue
City backs developers in fight over 200 Amsterdam Avenue
From left: L&L Holding Company's 425 Park Avenue with CEO David Levinson, Citadel Securities founder Ken Griffin, and Vornado Realty Trust’s 350 Park Avenue with CEO Steve Roth (Credit: (Photo by Michael Kovac/Getty Images; L&L Holding Company; Vornado)
Citadel Securities expands nearby lease while waiting on 425 Park
Citadel Securities expands nearby lease while waiting on 425 Park
200 Amsterdam (Credit: 200amsterdam.com)
City closes “loophole” that developers exploit to build towers
City closes “loophole” that developers exploit to build towers
Morry Kalimian, Gene Kaufman and Bill de Blasio and a map of the Special Union Square District (Credit: Getty Images, Studio Scrivo, New York State Courts)
Hotel developer sues city over special permit plan
Hotel developer sues city over special permit plan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...